Essentially, payroll is the process by which an employer pays an employee for the work he or she has performed for the company. There is a need for any business which has employees to implement a payroll management process. The ability to manage payroll efficiently and effectively ensures that employees are paid accurately and consistently and gives the human resource department the chance to focus on more important aspects of their job. Although the payroll process appears to be simple at its core, it becomes more complex as there are a number of deductions that need to be taken into […]
The Best Way to Manage Payroll
When it comes to growing your business, employees are one of the most valuable assets. You need them to interact with your customers, execute daily tasks, and bring in new customers. It’s important that your employees are compensated for their hard work and time because they do so much for you and your business. It’s easy to believe that payroll is simply cutting checks and making sure your employees are paid on time. You’ll soon realize that payroll is far more complicated than it appears once you take on the responsibility of processing payroll. It is for this reason that […]
How Payroll Processing Works & Its Three Stages
During payroll processing, necessary taxes and deductions are adjusted in order to arrive at the employees’ net pay. It is imperative that the payroll administrator plans out the payroll process step-by-step in order to ensure that the process is efficient. The payroll process is a complex one that encompasses much more than just salary calculations. This handy guide is designed to guide you through the intricacies of payroll processing. How does Payroll Processing work? The payroll process consists of adjusting taxes and deductions to arrive at the ‘net pay’ of the employees. Creating a step-by-step payroll management process is essential […]
How To Calculate TDS on Salary
During the time of paying a salary to an employee, the employer deducts TDS from the pay. The employer pays this amount to the government as specified in the Income Tax Act. What is the TDS on salary? Working professionals are required to pay income tax under the Income Tax Act, 1961, using TDS. It applies to commissions, salary, brokerage, royalties, investment returns, contract payments, and other gains. CBDT is responsible for collecting and managing the TDS, which is a part of the Department of Revenue. The TDS amount received by the government is collected to prevent tax evasion. An […]